Topps’ sales of trading cards and other physical elements in its Sports and Entertainment divisions were up by 101.7% in the first quarter of 2021 compared to the same period last year. While that number includes much more than baseball cards, it’s safe to say there were plenty of buyers for the company’s products.
In a regulatory filing Tuesday, Topps stated that the company’s net sales for digital products also more than doubled from the year before.
In all, Topps’ net sales increased by $59.3 million to a total of $166.6 million in the quarter, defined as a 13-week period that ended April 3.
Those numbers moved the company to anticipate that overall net sales for 2021 will be “in the range of $740 million to $760 million, representing an increase of 31% to 34% over 2020 net sales of $567 million.”
Topps’ business includes not just sports and entertainment physical and digital trading cards, but also candy products and a gift card fulfillment division. Sports and Entertainment is the bulk of the business, though, accounting for $103.1 million of the $166.6 million company total in Q1.
Topps says its consolidated gross margin improved 200 basis points, to 39.4% in the first quarter of 2021, compared to 37.4% the year before. Topps is apparently selling a lot of cards and other items through its website. “The improvement mainly reflected a mix shift of net sales to e-commerce in Physical Sports & Entertainment, partially offset by higher freight costs and a mix shift to higher cost products in Confections,” the company reported.